How Much Will They Drop?
The Bank of Canada just dropped The Overnight Rate to 0.50%. Now it is up to Banks to decide whether or not they will decrease the Prime Lending Rate. Although every Bank in Canada is supposed to be making their own decision on this, they always seem to agree on the amount of a rate cut that we, the consumer, should receive. Look for the Banks to reduce the Prime rate by 0.10% leading to new and improved Variable rates below the 2% mark. Continue reading →